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Tata Steel swings to fiscal Q1'18 profit; revenue up 19% YOY

Tata Steel Ltd. posted consolidated net profit attributable to owners of 9.21 billion Indian rupees in the first quarter of its fiscal 2018, swinging from a net loss of 31.83 billion rupees in the year-ago quarter.

Revenue in the period rose 19% year over year to 309.7 billion rupees on the back of increased capacity in India and the company's restructuring efforts in Europe, it said Aug. 7.

EBITDA for the three-month period jumped year over year to 49.39 billion rupees, from 33.03 billion rupees.

Consolidated steel deliveries totaled 5.83 million tonnes, up from 5.37 million tonnes a year earlier.

The company's net debt was significantly lower at 717.03 billion rupees due to build up in cash reserves to fund the £550 million payout as a part of the British Steel Pension Scheme settlement.

The company is in advanced discussions with its pension scheme trustees, the Pension Regulator and the Pension Protection Fund over a Regulated Apportionment Arrangement and expects to reach a final agreement shortly, Koushik Chatterjee, the group's executive director of finance and corporate noted.

As of Aug. 7, US$1 was equivalent to 63.84 Indian rupees.